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Virgin Media - Full Year And Fourth Quarter 2012 Results

Virgin Media Inc. (NASDAQ: VMED; LSE: VMED) announces results for the year and quarter ended December 31, 2012.

Solid financial performance

  • Revenue up 2.7% to £4,101m for the year; up 1.6% to £1,040m for the quarter
  • OCF 1 up 4.0% to £1,654m for the year; up 4.4% to £442m for the quarter
    • Operating income of £699m for the year; £209m for the quarter
  • FCF 2 down 4.9% to £473m for the year; down 1.4% to £138m for the quarter
    • Net cash provided by operating activities of £1,040m for the year; £232m for the quarter
  • Average number of shares in issue reduced 12% in the year with the repurchase of 21m shares

Multiple sources of high quality revenue growth

  • Cable revenue up 3.0% for the year; up 3.8% in the quarter
    • Net cable customer additions of 88,700 in the year, 42,700 in the quarter
    • Cable ARPU up 2.1% to £48.87 in the quarter
  • On-going improvement of customer base mix in the quarter
    • TiVo customers increased 896,900 in the year, 187,300 in the quarter
    • Paying TV customers 3 increased 210,000 in the year, 59,900 in the quarter
    • Superfast broadband customers (30Mb and above) increased 1.5m in the year, 419,400 in the quarter
  • Business division revenue up 5.2% for the year; down 4.5% in the quarter

Neil Berkett, Chief Executive Officer of Virgin Media, said: "2012 was a year of record cable customer growth, where mainstream demand for superfast broadband and TiVo has led to lower churn and a strong increase in new subscribers. Combined with growth in our business division, we have delivered solid financial progress."

Note: The notes preceding the Appendices relating to non-GAAP financial measures and other matters and the Appendices to this earnings release are considered an integral part of the financial and operational information in this release. Financial and statistical information is as at and for the three months ended December 31, 2012, unless otherwise stated. Comparisons of financial and operating statistics are to the fourth quarter of 2011, unless otherwise stated. Where financial information is given for the year ended December 31, 2012, any comparisons are to the year ended December 31, 2011 unless otherwise stated.

Conference call details

There will not be a conference call to specifically discuss these results. However, there will be a conference call to discuss the combination transaction with Liberty Global, Inc. Details of that conference call can be found in the press release detailing that transaction.

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